Stock Transfer Procedure

[2ndrew]

I am going through the Sharebuilder process. I faxed in a form today requesting the transfer. They said it can take 10 days to review the form, and then 4-6 weeks after that to complete the transfer. WHO KNOWS what the stock price will be at that time, but I am tempted to cash out if it can cover the cost of my all in reservation.

Or if for some insane reason it reaches $150 a share, I'll cash out and cover the whole car....

 

[TMOSteel]

Still waiting for Scottrade to confirm my transfer...

 

[jodellus]

Has anyone transferred stock to TDAmeritrade? They just turned me down, noted they would not support transferring ELIO stock. See note below;

Thank you for your interest in transferring ELIO (Elio Motors Inc.) into your TD Ameritrade account. We regret to inform you, at this time, TD Ameritrade has made a business decision not to accept Elio Motors Inc. for deposit as it has been deemed outside TD Ameritrade's risk tolerances.

The regulatory agencies require a high standard of due diligence on the part of brokerage firms regarding OTC/BB stocks. Recently regulatory agency enforcement actions have focused on a brokerage firm's ability to control deposits of this nature and protect market integrity. Based on their guidance, TD Ameritrade has strengthened its position on accepting OTC/BB stock deposits into our client accounts. Please note: TD Ameritrade is unable to provide details regarding a specific decision to refuse a particular stock deposit into your account.


Thank you for choosing TD Ameritrade,

Jack Burr
DRS Transfers, TD Ameritrade
Division of TD Ameritrade Inc.​

 

[NSTG8R]

Has anyone transferred stock to TDAmeritrade? They just turned me down, noted they would not support transferring ELIO stock. See note below;

Thank you for your interest in transferring ELIO (Elio Motors Inc.) into your TD Ameritrade account. We regret to inform you, at this time, TD Ameritrade has made a business decision not to accept Elio Motors Inc. for deposit as it has been deemed outside TD Ameritrade's risk tolerances.

The regulatory agencies require a high standard of due diligence on the part of brokerage firms regarding OTC/BB stocks. Recently regulatory agency enforcement actions have focused on a brokerage firm's ability to control deposits of this nature and protect market integrity. Based on their guidance, TD Ameritrade has strengthened its position on accepting OTC/BB stock deposits into our client accounts. Please note: TD Ameritrade is unable to provide details regarding a specific decision to refuse a particular stock deposit into your account.


Thank you for choosing TD Ameritrade,

Jack Burr
DRS Transfers, TD Ameritrade
Division of TD Ameritrade Inc.​

Interesting reply.

Oh...and welcome to the forum, Jodellus!

 

[HonestTex]

Has anyone transferred stock to TDAmeritrade? They just turned me down, noted they would not support transferring ELIO stock. See note below;

Thank you for your interest in transferring ELIO (Elio Motors Inc.) into your TD Ameritrade account. We regret to inform you, at this time, TD Ameritrade has made a business decision not to accept Elio Motors Inc. for deposit as it has been deemed outside TD Ameritrade's risk tolerances.

The regulatory agencies require a high standard of due diligence on the part of brokerage firms regarding OTC/BB stocks. Recently regulatory agency enforcement actions have focused on a brokerage firm's ability to control deposits of this nature and protect market integrity. Based on their guidance, TD Ameritrade has strengthened its position on accepting OTC/BB stock deposits into our client accounts. Please note: TD Ameritrade is unable to provide details regarding a specific decision to refuse a particular stock deposit into your account.


Thank you for choosing TD Ameritrade,

Jack Burr
DRS Transfers, TD Ameritrade
Division of TD Ameritrade Inc.​

I was looking at td, but went with optionshouse.com when another member had the same issue you are having.

 

[slinches]

I think I'm going to try Schwab as soon as I get around to opening an account. Apparently they bought optionshouse, so I would think they would both support the transfer if one of them does.

Correction: it was Optionsxpress that they bought, not optionshouse. So my statement was incorrect.

I think I'll still try calling Schwab since I think they don't charge a fee to do the DRS transfer and I like their fee scheme better.

 

[10295]

Has anyone transferred stock to TDAmeritrade? They just turned me down, noted they would not support transferring ELIO stock. See note below;

Thank you for your interest in transferring ELIO (Elio Motors Inc.) into your TD Ameritrade account. We regret to inform you, at this time, TD Ameritrade has made a business decision not to accept Elio Motors Inc. for deposit as it has been deemed outside TD Ameritrade's risk tolerances.

The regulatory agencies require a high standard of due diligence on the part of brokerage firms regarding OTC/BB stocks. Recently regulatory agency enforcement actions have focused on a brokerage firm's ability to control deposits of this nature and protect market integrity. Based on their guidance, TD Ameritrade has strengthened its position on accepting OTC/BB stock deposits into our client accounts. Please note: TD Ameritrade is unable to provide details regarding a specific decision to refuse a particular stock deposit into your account.


Thank you for choosing TD Ameritrade,

Jack Burr
DRS Transfers, TD Ameritrade
Division of TD Ameritrade Inc.​

I received the same message today. I let them know I was not pleased that their risk tolerance was now dictating mine, and that the regulatory agencies they refer to are the same ones that approved ELIO to trade OTC in the first place. I'm transferring everything to Scottrade and closing my TD Ameritrade account.

 

[10295]

I think I'm going to try Schwab as soon as I get around to opening an account. Apparently they bought optionshouse, so I would think they would both support the transfer if one of them does.

Correction: it was Optionsxpress that they bought, not optionshouse. So my statement was incorrect.

I think I'll still try calling Schwab since I think they don't charge a fee to do the DRS transfer and I like their fee scheme better.

I heard that ELIO was covering the $85 VStock DRS Transfer fee.

 

[Jambe]

I'm transferring everything to Scottrade and closing my TD Ameritrade account.

I don't know this for certain but you might ask about closing your account by transferring to your checking account rather than transferring to another broker. That may allow you to get your money out without them charging you $100 for closing your account.

From my February TD Ameritrade statement:
02/09 02/09 Other Income or Expense TRANSFER OUT FEE - - - (100.00)

 

[2ndrew]

Update: Sharebuilder received my request on Feb 29, and approved my request today, March 4th. They said it would take up to 4 weeks for the transfer to occur. Think it'll shoot back up to $60 by then?